30s Summary

Bitcoin (BTC) saw its value diminish on October 23, dropping to $60,063, a 1.5% decrease. However, optimistic analyses from Rekt Capital and CryptoBullet suggest Bitcoin is retesting a resistance point and that trends mirror those before its previous surge to record highs. Potential upcoming volatility in the crypto market is linked to the US Presidential Election, Federal Reserve’s meeting about interest rates, and the release of nonfarm payroll data which may impact the Federal Reserve’s decisions.

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On October 23, Bitcoin (BTC) saw its value fall to its lowest point in a week, putting the strength of its supporters to the test. This showed that even though Bitcoin’s value has been steady for a while, there is still some positivity out there.

Data from Cointelegraph Markets Pro and TradingView showed that BTC saw a bit of a dip recently, dropping to $60,063 on Bitstamp. This was a 1.5% decrease from the day. Despite that, BTC/USD bounced back from a previous dip, with $69,000 and above serving as a resistance point.

This decrease was anticipated by industry watchers. Rekt Capital, a popular trader and analyst, said that the weekly end value would determine the strength of the current trend.

Rekt Capital uploaded the weekly chart and pointed out that we need to hit just below $66,500 by the end of the week. He said that Bitcoin is currently retesting a previous resistance point, potentially turning it into a new support point.

Another optimistic point of view came from popular trader and market analyst CryptoBullet. One key indicator he pointed out is the moving average convergence/ divergence (MACD). The MACD shows trends in price changes, and it recently crossed to bullish for the first time since October 2023.

CryptoBullet compared the current BTC/USD landscape to that of 2021, right before Bitcoin hit a record high of $69,000. He pointed out a similar trend in price actions and believes Bitcoin will break out from its current trend as the MACD turns bullish again.

Bitcoin and Ether are still considered well-supported despite their recent dips. The upcoming US Presidential Election, the Federal Reserve’s meeting about interest rates on November 7, and economic data all play a role in the volatility of cryptocurrencies.

Trading firm QCP Capital anticipates that the release of nonfarm payrolls (NFP) data on November 1 will be key in forecasting the Federal Reserve’s next moves. Bitcoin and Ether remain well-positioned with potentials for growth, ahead of the job data release and the elections. But remember, always do your own research before making any investments!

Source: Cointelegraph